[Federal Register Volume 76, Number 112 (Friday, June 10, 2011)]
[Proposed Rules]
[Pages 34019-34020]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-14469]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-101352-11]
RIN 1545-BK00


Requirements for Taxpayers Filing Form 5472

AGENCY: Internal Revenue Service (IRS), Treasury.

[[Page 34020]]


ACTION: Notice of proposed rulemaking by cross-reference to temporary 
regulations.

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SUMMARY: In the Rules and Regulations section of this issue of the 
Federal Register, the Treasury Department and the IRS are issuing 
temporary regulations that remove the duplicate filing requirement for 
Form 5472, ``Information Return of a 25% Foreign-Owned U.S. Corporation 
or a Foreign Corporation Engaged in a U.S. Trade or Business.'' Under 
this requirement, certain corporations that must file Form 5472 must 
also file a duplicate Form 5472 (including attachments and schedules) 
with the Internal Revenue Service Center in Philadelphia, PA. Because 
the IRS has determined that duplicate filing is no longer necessary, 
the requirement is being removed by the temporary regulations. The text 
of those temporary regulations also serves as the text of these 
proposed regulations.

DATES: Written or electronic comments and requests for a public hearing 
must be received by September 8, 2011.

ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-101352-11), room 
5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, 
Washington, DC 20044. Submissions may be hand-delivered Monday through 
Friday between the hours of 8 a.m. and 4 p.m. to CC:PA:LPD:PR (REG-
101352-11), Courier's Desk, Internal Revenue Service, 1111 Constitution 
Avenue, NW., Washington, DC, or sent electronically via the Federal 
eRulemaking Portal at http://www.regulations.gov (IRS--REG-101352-11).

FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations 
Gregory A. Spring, (202) 435-5265; concerning submissions of comments, 
the hearing, and/or to be placed on the building access list to attend 
the hearing, Oluwafunmilayo (Funmi) P. Taylor, (202) 622-7180 (not 
toll-free numbers).

SUPPLEMENTARY INFORMATION

Background and Explanation of Provisions

    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend 26 CFR part 1. The temporary 
regulations remove the requirement contained in Sec.  1.6038A-2(d) and 
Sec.  1.6038A-2(e) that a duplicate Form 5472 must be filed with the 
Internal Revenue Service Center in Philadelphia, PA. The text of the 
temporary regulations also serves as the text of these regulations. The 
preamble to the temporary regulations explains the temporary 
regulations and these proposed regulations.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in Executive Order 
12866. Therefore, a regulatory assessment is not required. It also has 
been determined that section 553(b) of the Administrative Procedure Act 
(5 U.S.C. chapter 5) does not apply to these regulations, and because 
the rule does not impose a collection of information on small entities, 
the provisions of the Regulatory Flexibility Act (5 U.S.C. chapter 6) 
do not apply. Pursuant to section 7805(f) of the Internal Revenue Code, 
this notice of proposed rulemaking has been submitted to the Chief 
Counsel for Advocacy of the Small Business Administration for comment 
on its impact on small business.

Comments on Public Hearing

    Before these proposed regulations are adopted as final regulations, 
consideration will be given to any written (a signed original and eight 
(8) copies) or electronic comments that are submitted timely to the 
IRS. The IRS and the Treasury Department specifically request comments 
on the clarity of the proposed regulations and how they can be made 
easier to understand. All comments will be available at http://www.regulations.gov or upon request. A public hearing may be scheduled 
if requested by any person who timely submits comments. If a public 
hearing is scheduled, notice of the date, time, and place for the 
hearing will be published in the Federal Register.

Drafting Information

    The principal author of these regulations is Gregory A. Spring of 
the Office of Associate Chief Counsel (International). However, other 
personnel from the IRS and Treasury Department participated in their 
development.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Proposed Amendments to the Regulations

    Accordingly, 26 CFR part 1 is proposed to be amended as follows:

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority:  26 CFR U.S.C. 7805 * * *

    Par. 2. Section 1.6038A-1 is amended by revising paragraph (n)(2) 
to read as follows:


Sec.  1.6038A-1  General requirements and definitions.

* * * * *
    (n) * * *
    (2) [The text of the proposed amendment to Sec.  1.6038A-1(n)(2) is 
the same as the text of Sec.  1.6038A-1T(n)(2) published elsewhere in 
this same issue of the Federal Register].
* * * * *
    Par. 3. Section 1.6038A-2 is amended by revising paragraphs (d) and 
(e) to read as follows:


Sec.  1.6038A-2  Requirement of return.

* * * * *
    (d) [The text of the proposed amendment to Sec.  1.6038A-2(d) is 
the same as the text of Sec.  1.6038A-2T(d) published elsewhere in this 
issue of the Federal Register.]
    (e) [The text of the proposed amendment to Sec.  1.6038A-2(e) is 
the same as the text of Sec.  1.6038A-2T(e) published elsewhere in this 
issue of the Federal Register.]
* * * * *

Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2011-14469 Filed 6-9-11; 8:45 am]
BILLING CODE 4830-01-P